Peer Analysis

Fund AUM (m) Inception Date Fund Description The Chilton Global Natural Resources Strategy is a long/short strategy focused on capital appreciation through investing in a diversified portfolio of global natural resource securities and commodities. The Cambrian Capital Resources Fund is net long biased utilizing long/short equities, fixed income, exchange traded funds, derivatives, commodity futures and commodity futures options, and private equity and other illiquid investments. The Opsraie Equity Fund invests in global equities that derive the majority of their revenues from commodities, including directional positions, energy, metals, agriculture, transportation, industrials and materials. The Geosphere Fund is a conservatively positioned hedge fund that invests in equities and commodities in markets globally. The Wellington Management Placer Creek Fund focuses on a two-to-three year outlook, with stock selection grounded in fundamental research. While always maintaining a net long bias, the portfolio manager utilizes leverage and short positions to adjust market exposure. The portfolio may also utilize commodity futures. The RAB Global Mining and Resources Fund's objective is to generate capital appreciation through long-biased exposure to mining and commodity related equities with an emphasis on downside volatility reduction. The Martin Currie Absolute Return Global Resources Fund is a global resources equity long/short fund. The Belltower Advisors Global Natural Resources Fund utilizes a long/short strategy focused on natural resourcesrelated equity securities, with concentrations in energy, metals & mining, industrials,and basic materials sectors. The Pinnacle Natural Resources Fund is a multi-manager fund that pursues active, fundamental, discretionary investment trading strategies in the global commodity markets. The Fund currently has its largest exposure to the energy, metals and agricultural commodities sectors; specifically natural gas, crude oil/refined products, electricity, corn, soybeans, wheat, copper and aluminum. Opus Commodities Fund is a diversified multi-manager portfolio of 20-30 commodities trading investments. The fund is diversified across the commodities spectrum and by trading sub-strategy and style. It has low sensitivity to the direction of commodity prices and aims to generate absolute returns in all market environments. The Van Eck Global Hard Assets Fund offers exposure to energy, precious and base metals, timber, agriculture, alternative energy and other hard assets. It does this through the use of equities and commodity-linked derivative instruments.

Chilton Global Natural Resources Strategy

4,100.0

Aug-05

Cambrian Capital Resources

953.8

Jan-04

Ospraie Equity Fund

185.0

Jul-09

Geosphere Fund

594.0

Jul-07

Wellington Management Placer Creek

212.0

Apr-04

RAB Global Mining and Resources Fund

82.0

Nov-07

Martin Currie Absolute Return Global Resources Fund

367.3

Oct-03

Belltower Advisors Master Fund

185.4

Nov-09

Pinnacle Natural Resources Fund

1,854.0

Oct-03

NewFinance Capital Opus Commodities Fund

1,475.0

Jul-05

Van Eck Global Hard Assets Fund (GHAIX)

5,100.0

May-06

Peer Performance

Peer Correlations
Correlation Matrix
Chilton Global Natural Resources Strategy 1.00 0.92 0.45 0.52 0.75 0.90 0.80 0.65 0.40 0.72 0.92 0.90 Pinnacle Natural Resources Fund 0.45 0.28 1.00 0.30 0.20 0.29 0.44 0.45 0.52 0.71 0.70 0.35 RAB Global Wellington Mining and Geosphere Management Resources Fund Placer Creek Fund 0.75 0.74 0.20 0.48 1.00 0.67 0.57 0.47 0.41 0.53 0.94 0.66 0.90 0.95 0.29 0.68 0.67 1.00 0.86 0.60 0.26 0.69 0.81 0.93 0.80 0.82 0.44 0.20 0.57 0.86 1.00 0.48 0.25 0.73 0.60 0.76 Martin Currie Absolute Return Global Resources Fund 0.65 0.60 0.45 0.55 0.47 0.60 0.48 1.00 0.47 0.69 0.34 0.59 Van Eck Belltower Opus Global Hard S&P Natural Advisors Commodities Assets Fund Resources Master Fund Fund (GHAIX) Index* 0.40 0.25 0.52 0.48 0.41 0.26 0.25 0.47 1.00 0.42 0.31 0.29 0.72 0.67 0.71 0.31 0.53 0.69 0.73 0.69 0.42 1.00 0.67 0.70 0.92 0.93 0.70 0.70 0.94 0.81 0.60 0.34 0.31 0.67 1.00 0.94 0.90 0.92 0.35 0.75 0.66 0.93 0.76 0.59 0.29 0.70 0.94 1.00

Cambrian Capital Resources 0.92 1.00 0.28 0.51 0.74 0.95 0.82 0.60 0.25 0.67 0.93 0.92

Ospraie Equity Fund 0.52 0.51 0.30 1.00 0.48 0.68 0.20 0.55 0.48 0.31 0.70 0.75

Chilton Global Natural Resources Strategy Cambrian Capital Resources Ospraie Equity Fund Geosphere Fund Wellington Management Placer Creek RAB Global Mining and Resources Fund Martin Currie Absolute Return Global Resources Fund Belltower Advisors Master Fund Pinnacle Natural Resources Fund Opus Commodities Fund Van Eck Global Hard Assets Fund (GHAIX) S&P Natural Resources Index*

*Correlations with the S&P Global Natural Resources is calculated using data from Aug-05 (Chilton inception)

Peer Statistics
Chilton Global Natural Resources Strategy Cambrian Capital Resources Wellington Management Placer Creek Martin Currie RAB Global Absolute Return Belltower Mining and Global Advisors Master Pinnacle Natural Opus Commodities Resources Fund Resources Fund Fund Resources Fund Fund Van Eck Global Hard Assets Fund (GHAIX)

Ospraie Equity Fund Geosphere Fund

Since Inception
Average Monthly Return Standard Deviation Annualised Average Return Annualised Standard Deviation Cumulative Return Annualised Cumulative Return Minimum Maximum Total Postive Periods Total Negative Periods Total Period % of Positive Periods Sharpe Ratio (RFR = 2.51% (rolling 10-year annualised) 1.26% 6.48% 16.3% 22.5% 99.14% 13.3% -21.20% 16.98% 41 25 66 62% 1.70% 7.00% 22.5% 24.3% 240.95% 18.9% -26.58% 20.89% 56 29 85 66% 1.42% 1.84% 18.4% 6.4% 30.26% 18.2% -2.27% 4.35% 15 4 19 79% 0.52% 2.34% 6.5% 8.1% 23.71% 6.1% -7.65% 4.71% 30 13 43 70% 0.90% 6.35% 11.4% 22.0% 76.71% 8.7% -23.80% 13.90% 52 30 82 63% 0.86% 7.90% 10.8% 27.4% 23.66% 6.8% -19.63% 15.76% 26 13 39 67% 0.76% 2.96% 9.5% 10.3% 86.86% 8.9% -7.53% 8.14% 55 33 88 63% 0.96% 3.65% 12.1% 12.6% 49.28% 11.3% -10.10% 6.50% 28 17 45 62% 1.21% 2.98% 15.5% 10.3% 176.82% 14.9% -12.10% 8.00% 60 28 88 68% 0.71% 2.10% 8.8% 7.3% 58.16% 8.6% -6.59% 4.78% 45 22 67 67% 0.84% 8.09% 10.5% 28.0% 32.94% 6.2% -24.35% 18.65% 32 25 57 56%

0.02

0.09

-0.21

-0.25

-0.03

-0.02

-0.16

-0.09

-0.09

-0.26

-0.03

1 Year Rolling Analysis

Average Monthly Return Standard Deviation Annualised Average Return Annualised Standard Deviation Cumulative Return 2.2% 4.2% 29.5% 14.6% 28.2% 2.8% 5.3% 38.8% 18.4% 36.8% 1.5% 2.0% 20.1% 6.8% 19.8% 0.6% 1.8% 7.6% 6.4% 7.4% 1.6% 4.7% 20.4% 16.2% 19.0% 1.7% 4.4% 22.4% 15.2% 21.1% 0.4% 2.8% 5.5% 9.8% 5.0% 0.7% 2.6% 9.3% 9.0% 8.9% 0.5% 3.0% 6.0% 10.4% 5.5% 0.8% 2.1% 9.7% 7.2% 9.5% 2.9% 7.2% 40.7% 24.8% 36.9%

Peer Statistics
Chilton Global Natural Resources Strategy Cambrian Capital Resources Wellington Management Placer Creek Martin Currie RAB Global Absolute Return Belltower Mining and Global Advisors Master Pinnacle Natural Opus Commodities Resources Fund Resources Fund Fund Resources Fund Fund Van Eck Global Hard Assets Fund (GHAIX)

Ospraie Equity Fund Geosphere Fund

3 Year Rolling Analysis

Average Monthly Return Standard Deviation Annualised Average Return Annualised Standard Deviation Cumulative Return Annualised Cumulative Return 0.7% 7.8% 8.1% 27.1% 13.1% 4.2% 0.7% 8.8% 9.2% 30.5% 12.8% 4.1% N/A N/A N/A N/A N/A N/A 0.3% 2.3% 3.1% 8.1% 8.4% 2.7% -0.1% 8.0% -0.7% 27.8% -13.1% -4.6% 0.7% 8.2% 9.2% 28.5% 15.2% 4.8% 0.1% 3.1% 1.1% 10.7% 1.5% 0.5% 0.5% 3.7% 6.3% 12.9% 17.1% 5.4% 1.0% 3.8% 12.6% 13.1% 39.3% 11.7% 0.7% 2.3% 8.1% 7.9% 25.2% 7.8% 0.9% 9.3% 11.2% 32.2% 17.4% 5.5%

2010
Return Standard Deviation Average Monthly Return 21.63% 4.81% 1.75% 33.38% 5.58% 2.57% 12.84% 1.95% 1.03% 6.85% 1.86% 0.57% 10.84% 5.00% 0.98% 22.72% 4.33% 1.80% 4.71% 2.82% 0.42% 5.75% 3.00% 0.51% 4.31% 3.05% 0.40% 8.44% 2.11% 0.70% 28.40% 7.50% 2.36%

2009
Return Standard Deviation Average Monthly Return 34.66% 6.81% 2.72% 61.10% 7.58% 4.30% 10.62% 1.28% 1.70% 10.33% 1.26% 0.83% 50.92% 6.21% 3.66% 76.52% 6.19% 5.02% 3.72% 2.57% 0.34% 9.14% 3.33% 0.78% 14.63% 1.74% 1.16% 16.67% 1.33% 1.30% 53.24% 7.29% 3.85%

2008
Return Standard Deviation Average Monthly Return -30.61% 10.39% -2.47% -48.26% 10.38% -4.79% N/A N/A N/A -6.87% 3.37% -0.54% -51.92% 9.81% -5.43% -45.49% 10.35% -4.42% -10.22% 4.00% -0.82% 4.28% 4.81% 0.46% 15.39% 5.72% 1.35% -3.93% 3.10% -0.29% -44.51% 11.36% -4.15%

Peer Spectrum

ETFS / Index Funds

Long-only Funds

Long-biased Hedge Funds

Low-net Hedge Funds

No-bias Hedge Funds

Funds of Funds

S&P North American Natural Resources Sector Index

SPDR S&P Global Natural Resources

Van Eck GHAIX RBC JP Morgan Resource CI Canadian Resource

Cambrian RAB Wellington Placer Creek

Martin Currie Ospraie Equity Geosphere

Tudor Pickering Touradji Vollero Beach

Pinnacle Natural Resources

NewFinance Opus Commodities

Diversified Commodities
Relative Value
Vermillion Krom River Clive Galena

Directional
Armajaro Merchant

Investing in commodities expected annualized reward/risk 2011-2014

15%-20% Structured credit-equity Real Assets Equity Hedged

Equity Directional Commodity directional MLPs Equity long only funds Enhanced Commodity Indices

11%-13%

8%-10%

Equity Neutral Commodity Neutral

5%-8%

14%-25%

This is a qualitative looking forward yield return and volatility expectation. Not driven by any quantitative driven formula of historical prices and current pricing, and the pricing of volatility in current market options